The north west of England is a diverse property market, covering as it does two of the country's largest conurbations plus large rural tracts - with local housing markets ranging from prime Cheshire real estate to the 'bottom-fishing' markets in parts of Lancashire and Merseyside. In this report we will take a look at what is going on in the auction market here including some comment from those involved in it.

First let us look at a few statistics from Essential Information Group (EIG) on how the local auction scene stacks up compared to the situation nationally. Their latest auction returns suggest that over the last month, on a national basis, there has been continued strong demand from buyers for well priced stock. However, anecdotally at least, suitable stock for sale has become more difficult to find.
EIG's latest figures show that nationally 6,955 residential lots were offered in the three months to the end of May - just over a 5% fall compared to the same period in 2012. Of these 5,195 sold, a small 1.4% fall compared to the previous year. The total amount of money raised was approximately £650m, 3.4% more compared to the same period in 2012.

However, regional returns suggest an even more marked fall in the number of lots becoming available in this part of the country. In the north west 1,216 residential lots were offered in the three months to the end of May, a notable 22% fall in volume compared to the same period in the previous year. Of these 873 sold, which represented a 17% fall over the previous year - although the percentage sold rose slightly. The total raised was approximately £84m, a 4% fall.

On price and yield trends here, latest (May) figures from the Land Registry suggest the market here is static as regards to capital values. They quote the average property price in the north west as £109,784 making it the cheapest region in England and Wales bar the north east, representing just a 0.3% rise over the year. For comparison, across England and Wales the average property price was £161,969 representing a 0.5% rise over the year. (Most regions outside London reported a similar, very small rise or fall over the year.) Latest Land Registry figures show repossessions levels continuing to fall right across the country in the year to March 2013, at 27% overall. In the north west repossessions fell by 25% over the year.